It’s an uncomfortable proposition to accept, but as you age, so too does your body. The average senior spends 20% of his or her income on health care costs, and catastrophic injuries, alternative treatments not covered by Medicare, and miscellaneous out-of-pocket expenses can drive that figure up even further. If you’re overwhelmed by skyrocketing health costs that aren’t covered by Medicare, or you’re not yet eligible for Medicare, consider these five strategies for containing costs.
Doctors often prescribe the most popular prescription, or the newest, or the one that just happens to be on their mind. In many cases, a cheaper generic alternative exists. There might also be a similar medication that works just as well, but which comes with a lower price tag. If paying for your medications is slowly bankrupting you, ask your doctor if there’s a more affordable option. Consider also shopping around for the best pharmacy, since prices can significantly vary from location to location.
Master a Healthy Lifestyle
A healthy lifestyle can help you steadily reduce health care costs. Losing weight, for instance, can
obviate the need for high blood pressure medication, while regular exercise and meditation could
reduce the symptoms of chronic pain. Talk to your doctor about steps you can take to embrace healthy
living. You won’t just feel better; you’ll have more money, too.
Examine Your Medical Bills
As many as 80% of hospital bills contain errors, and the figure could be similar for doctor’s bills and outpatient procedures. Comb through your medical bills to ensure you are only billed for procedures you actually received and medications that you actually used. If you find an error, immediately bring it to the attention of the billing department. You may also be able to dispute unreasonable charges. For instance, some hospitals and providers charge astronomical prices for cheap supplies such as bandages and pillows. If you’re being billed to death for these small expenses, dispute the bill.
Question Your Doctors
No one wants to be an annoying patient, particularly if you love your doctor. Questioning your doctor, though, can improve your health by ensuring your doctor is informed of all of your symptoms and that you have a keen understanding of treatment offerings. You could even save your life by preventing medical errors. When your doctor recommends a costly procedure or medication, don’t shy away from asking pointed questions about the necessity of the expense. If your doctor knows that cost is a concern, he or she may recommend other options, such as a “wait and see” approach or a lifestyle remedy that works, but that produces results more slowly.
Consider Other Resources
Medical bills are the nation’s leading cause of bankruptcy filings, so if you still can’t find a way to afford your health care, you are most certainly not alone. A financial advisor can help you discuss your options. It may be that by doing something as simple as transferring your credit card balances to a low- interest card, you have enough cash on hand to afford your expenses. If that fails, consider taking out a reverse mortgage. This strategy offers you reliable income drawn from the equity in your home, and you get to keep living in your house.
Annie Doisy is a reverse mortgage expert who helps seniors enhance their lives by taking advantage of the equity in their homes. Annie writes for ReverseMortgages.com where her goal is to educate consumers on a wide range of topics around mortgages and other financial services.
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